Union Packaging, one of two companies identified as halting plans to move to Camden after a battle over the state’s existing tax incentives began, is putting any such idea on hold for one basic reason: It was just sold.
Union Packaging, based in Yeadon, Pennsylvania, was acquired earlier this month by Chicago-based LBP Manufacturing.
Bill Weimer, chief financial officer of LBP Manufacturing, said Wednesday in a statement to ROI-NJ that the company is in the middle of analyzing the situation.
“Following the sale of Union Packaging to LBP Manufacturing, the combined company is currently evaluating its overall manufacturing footprint and other strategic matters,” Weimer said. “LBP has put evaluation of a move to Camden on hold until this strategic analysis has been completed.”
Union Packaging was approved for a $10.6 million Grow New Jersey grant in April 2018. Officials had originally expressed plans to open a location by May 2019.
Sources familiar with the company’s plans, who requested anonymity because they are not authorized to speak publicly, told ROI-NJ that Union Packaging has notified the Economic Development Authority that it is still looking for a site in Camden and has not asked to withdraw the approval of the tax incentives.
Union Packaging was one of two companies identified earlier this month as pulling back on plans to relocate to Camden.
The other, Men of Steel Rebar Fabricators in Bensalem, Pennsylvania, has not commented on its future plans.
Men of Steel has not applied for any tax incentives, the EDA said.